Alibaba pledges $15.5b to China’s ‘common prosperity’ push

The company has set up a task force to see through its initiatives by 2025.

Alibaba has committed $15.5b (RMB100b) to finance 10 initiatives promoting the “common prosperity” push in China that aims to narrow the wealth gap in the nation, one of the largest pledges made by a private company in the initiative, a press release revealed.

The company has set up a dedicated task force, spearheaded by Group Chairman and CEO Daniel Zhang, to see through each initiative by 2025. The task force will focus on technology innovation, economic development, creating high-quality jobs and care for vulnerable groups

The company will also launch a $3.1b (RMB20b) Common Prosperity Development Fund to be used in Alibaba’s home province of Zhejiang.

A pilot program is already underway in Zhejiang province to narrow its income gap by 2025, creating an olive-shaped social structure by making middle-income households the mainstay of its economy.